Relative to a competitively organized industry, firms acting collusively are more likely to produce
A. more output; charge higher prices, and earn economic profits.
B. less output, charge lower prices, and earn economic profits.
C. less output, charge lower prices, and earn only a normal profit.
D. less output, charge higher prices, and earn economic profits.
Answer: D
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During periods of inflation, all prices of all products are rising
a. True b. False Indicate whether the statement is true or false
If a firm is facing elastic demand, then the firm should decrease price to increase revenue
a. True b. False Indicate whether the statement is true or false
Which of the following statements is false?
A. The production possibilities curve shows the combinations of goods that can be consumed by a nation before trade begins. B. The production possibilities curve shows the combinations of goods that can be consumed by a nation after trade and specialization begins. C. The production possibilities curve shows the combinations of goods that can be produced by a nation before trading begins. D. The production possibilities curve shows the combinations of goods that can be produced by a nation after trade and specialization begins.
A shift of the supply curve is caused by a change in a good's own price.
Answer the following statement true (T) or false (F)